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Missed payment markers
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longtallgoose
Posts: 5 Forumite
Hi guys,
I'm on an okay salary (£55k) and including £10,000 of car finance, I currently have £17,000 of debt. I have made a plan in excel with dates of how I can pay off this debt in the quickest possible time, and have calculated that I can pay off everything but the car finance by May 2020 and then the finance in May 2021 - leaving me 100% debt free :j
I have a default on my account from a £200 student overdraft that I forgot about which drops off in December 2020, this is annoying but I've accepted it (paid the £200 when I discovered the default last year). More concerningly however is I have 3 late payment markers on an energy account from late last year - they had been using estimates (my fault I'm an idiot) and the final bill was for £750, rather than setting up a payment plan I ignored their letters whilst I saved up the £750 and paid them off after 3 months (lots of lessons learned this year!).
So after a long post my question is: come December next year, I will have no defaults, a 0% utilisation rate on my 2 credit cards and no other debts apart from about £3,000 left on car finance, however I will still have these (1),(2),(3) markers on this closed account (they will be 2 years old at this point with no other negative markers on any other accounts). How much of an impact would these markers have on getting a mortgage (are they as bad as a default?), and would it even be possible to get one - or will I have to wait the 6 years for them to drop off?
Sorry for the long post!
I'm on an okay salary (£55k) and including £10,000 of car finance, I currently have £17,000 of debt. I have made a plan in excel with dates of how I can pay off this debt in the quickest possible time, and have calculated that I can pay off everything but the car finance by May 2020 and then the finance in May 2021 - leaving me 100% debt free :j
I have a default on my account from a £200 student overdraft that I forgot about which drops off in December 2020, this is annoying but I've accepted it (paid the £200 when I discovered the default last year). More concerningly however is I have 3 late payment markers on an energy account from late last year - they had been using estimates (my fault I'm an idiot) and the final bill was for £750, rather than setting up a payment plan I ignored their letters whilst I saved up the £750 and paid them off after 3 months (lots of lessons learned this year!).
So after a long post my question is: come December next year, I will have no defaults, a 0% utilisation rate on my 2 credit cards and no other debts apart from about £3,000 left on car finance, however I will still have these (1),(2),(3) markers on this closed account (they will be 2 years old at this point with no other negative markers on any other accounts). How much of an impact would these markers have on getting a mortgage (are they as bad as a default?), and would it even be possible to get one - or will I have to wait the 6 years for them to drop off?
Sorry for the long post!
0
Comments
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After a couple of years, on a well managed file, they shouldn't be too bad for you0
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